Total has announced plans to build 2 GW of solar energy capacity in Spain.
The French oil major has signed agreements with Powertis and Solarbay Renewable Energy to build utility-scale projects across the country, with the first projects due on-line this year.
The move marks Total’s entry to the solar sector in Spain, which it describes as “fast-growing” and “one of the most dynamic in Europe”. The deal with Powertis will see the two companies build out an initial 800 MW pipeline, which its agreement with Solarbay includes 1.2 GW of projects in the regions of Andalusia, Aragon and Castile-La Mancha.
Total will own 65 per cent of the joint venture with Powertis, which has a track record of developing solar farms in Spain and South America. It has agreed to purchase 100 per cent of Solarbay’s PV portfolio in Spain.
“Spain benefits from a solar resource that is unparalleled in Europe,” said Julien Pouget, Senior Vice President Renewables at Total. “Its photovoltaic market is one of the most dynamic in Europe, with an expected capacity increase from 6 GW to nearly 40 GW by 20301. Total is pleased to enter on this fast-growing market through partnerships with local developers.”